Tim Duncan reportedly suing financial adviser after losing $20 million in investments
Tim Duncan is suing his former financial adviser for $1 million in damages after realizing that the adviser was benefiting off investment deals where the San Antonio Spurs forward was losing big money, according to a report.
WOAI in San Antonio reported news of the lawsuit and says Duncan is suing financial adviser Charles Banks for $1 million in relief. Duncan supposedly has lost $20 million of about $27 million he’s invested with Banks.
“This is a case to recover monies Duncan lost while and after he was betrayed by Banks, who committed egregious breaches of his trust relationship with Duncan – breeches drive and fueled by self interest, self dealing, and greed, to Duncan’s substantial detriment and disadvantage,” Duncan’s attorney alleges in a suit filed in San Antonio.
Duncan met Banks in 1998 and invested millions of dollars according to Banks’ advice. It wasn’t until Duncan began going through his finances to divide assets during his divorce that the issues were discovered.
Among the issues, Duncan discovered that a $7.5 million investment he made in a company called Gameday was headed by Banks. Banks allegedly kept 20 percent of the money for his “fees.” He also allegedly forged signatures on loan documents.
Investing comes with the risk of losing money as well as gaining, but to have an adviser recommend clients invest in companies that support the adviser is more than shady. Depending on how much of his career earnings he’s lost, we might actually see Duncan doing media work after his playing career like many other athletes who have lost their fortunes.